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The U.S. job market was able to bounce back in April with 211,000 more jobs, but the unemployment rate dropped to an all-time low.

After a slow March, when hiring likely was held down by a winter storm, the US economic engine added an estimated 211,000 net new positions while the jobless rate fell a tenth to 4.4 percent, the lowest since May 2007. Average hourly earnings rose by 2.5 percent year-over-year.

A closer look at the data showed a loss of 50,500 positions in the more-desirable private-sector category, while the public sector added 35,200 jobs.

However, central bank also said it viewed "the slowing in growth during the first quarter as likely to be transitory" and still expected economic activity to "expand at a moderate pace". Health care employment continued to trend up over the month (gaining 20,000), which is in line with the industry's average monthly job growth during the first quarter of this year but below the average gain of 32,000 per month in 2016.

That said, the originally reported 98K for the month of March was actually revised further downward in this morning's report to 79K. Futures traders are pricing in an 81 percent chance of a June rate hike, up from 79 percent before the jobs data, according to the CME Group's FedWatch Tool.

Many economists say the U.S.is now at or near "full employment", meaning the unemployment rate won't go down significantly more and wage growth should start to speed up.

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As more people got jobs, the unemployment rate fell to 4.4 per cent, the lowest since May 2007.

While we may understandably see some grandstanding from the White House today about these happy numbers, there is plenty of heavy lifting yet to do, not only in the USA but the global economy as well.

"This is still a Canadian economy and a Canadian labour market that has generated a lot of jobs". Hourly pay gains are usually closer to 3.5 percent in a strong economy. Monthly revisions result from additional reports received from businesses since the last published estimates and from the recalculation of seasonal factors.

"That's an indication that the economy is expanding at a steady clip in early 2017", he said. The reality is that since the president has taken office, the jobs survey has been conducted only two times - in February and March.

Since that low, new manufacturing jobs have been created requiring increased skills because of more automation and technology in factories.